If you are considering incorporating your business, getting some advice from a Conroe Texas business attorney about the tax consequences is probably a good idea. Corporate taxation is an extremely complex topic, but it is possible to get a ...
Advantages and drawbacks to doing business as a Texas corporation Many small business owners begin their businesses as sole proprietorships or partnerships and then wonder whether to incorporate. At the Peterson Law Group, our Conroe, Texas business lawyers can review with you the bene...
If you are going to partner with someone in launching a new business, you may have questions about the federal income tax implications. Here is a brief overview partnership taxation principles. Because federal income taxation is such ...
Advantages and drawbacks of the Texas sole proprietorship If you are starting a business in Texas, one decision you will need to make is what form of business organization to use. A Bryan-College Station Texas business attorney can help you analyze your situation so that you choose the...
We've recently discussed some important reasons every adult in Texas needs to make a Last Will and Testament, regardless of marital status or whether children are involved. Some obvious items to address in a will are property distributions and preferenc...
A limited liability company is a popular choice for Texas small business owners. It is more expensive and complex to set up than either a sole proprietorship or partnership, but it provides the busine...
What is a “Bypass Trust” in a will? A bypass trust is an estate planning tool employed by married couples who wish to take advantage of both of their estate tax exemptions, thereby saving hundreds of thousands of dollars in federal estate taxes. While the federal estate tax is currently ...
As with many legal questions, the short answer is ‘It depends.' In this case, it depends whether the property is considered separate property or commun...
A Texas general partnership is a simple and cost-effective business structure where two or more individuals share in the management, profits, and liabilities of a business. While it doesn’t require formal filings, a written partnership agreement is crucial to outline contributions, profit-sharing, and dispute resolution. However, partners in a general partnership face unlimited personal liability for business debts and obligations, which may be mitigated with liability insurance or by transitioning to a more protective structure like an LLC or LLP as the business grows. For guidance on forming or managing a partnership, consult an experienced Texas business attorney.
How should I conduct my Estate Planning if I have a child with Special Needs? Advancements in medical treatment and parental education have drastically increased the life expectancy of children with special needs. As a result, parents are justified in being concerned about the likelihood...
The term ad litem simply means “for the suit”. An attorney ad litem may be appointed or assigned in family law cases or probate cases where representation is deemed necessary by a judge. While the Texas Family Code does not specifically define the role, t...
Purchasing a franchise to start your own business is akin to running a branch of the family business. You may get to run the shop, but the fr...
Now that your will is finished, you can stop thinking about dying. As happy as you may be to have the task behind you, the refrigerator door is no place to mount your accomplishment. Take care to leave your will (and the ot...
In Texas, there are two types of assets – probate and non-probate assets. Probate assets are assets that pass under a person's will. Non-probate assets do not pass under the terms of a will, but instead pass under other terms. For example,...
It depends on the nature of the water. Rights to access groundwater and surface water differ tremendously in the state of Texas. Texas groundwater generally belongs to the landowner, and is thereby governed by the Rule of Capture. This rule...
Mention the words “estate planning” and most people think of a will. That's the same thing, right? Not by a long shot, if you want to cover all the bases. A will does no good if you are temporarily or permanently disabled or incapacitat...
If you die without a will in Texas, your assets will be distributed according to Texas' intestacy law, which provides a statutory flowchart. The distribution of your assets under intestacy law may or may not align with your wishes, a...
A premarital agreement, or prenuptial agreement, is a written agreement signed by a prospective married couple prior to getting married. The purpose of the agreement is to govern the terms of a breakup in the event the marriage fails. Texas law address...
This time we're not talking about lovers or marital partners. We'll talking business partners. Nonetheless, the breakup can be just a messy as a Hollywood divorce without proper planning on the front end. Business partners starting a ne...
Probating a Will in Texas - The initial shock of losing a loved one can be crippling, but those closest to the departed soon realize there are many questions to answer and decisions to be made. Did the deceased have a burial plan? Did he or she purchase a cemetery plot or other plan? Wh...
Let's face it. No one wants to talk about prenuptial agreements. Just bringing up the issue with a potential fiancé can negate the need for one altogether. Considering the possibility of divorce when considering the possibility of marriag...
What Does it Take to Have a Valid Will in Texas? A will, sometimes referred to as a last will and testament, is a document intended to direct the distribution of a person's estate upon his or her death. Simply writing down one's wishes, however, may not be enough to get the job done. ...
A trust can serve a variety of purposes, such as providing for beneficiaries well into the future. Other uses include asset management and tax sheltering. A trust can be established while the grantor and the beneficiaries are still living, or a t...
The Consumer Financial Protection Bureau's (CFPB) remittance rule is scheduled to take effect on February 7, 2013 to implement another facet of the Dodd-Frank Wall...
One More Example of Why You Need a Will Walter Samasko Jr., a reclusive resident of Carson City Nevada, was found dead earlier this year after neighbors reported a foul smell coming from his home. As the house was being cleaned for sale, officials made a surprising discovery: gold bars ...